Archive for stocks

041109-Further evidence of a bottom?

// April 12th, 2009 // Comments // stocks

xly_041109

The consumer discretionary SPDR (XLY), which has been a short for quite some time is showing signs of putting in a more solidified bottom. Is this further evidence of a change in direction (down to sideways)? only time will tell, there still could be more bad news coming out of the woodwork, but it is interesting.

SPY Market Technicals- 090317

// March 18th, 2009 // Comments // stocks

SPY Trend

SPY Trend

The markets are still in a downtrend long term, though we have seen a short term rally of sorts, though the fundamentals of those rally’s are a bit suspect. The markets are approaching short term resistance levels and are looking overbought. I suspect a pullback in the near term is immanent. That nearest support zone will be important if it does pull back into it. If it does rally out of the downtrend it would have to be pretty impressive. It is still a daytrader’s/swing trader’s market, holding for the long term is still a painful proposition and takes a fair amount of faith, how much of which is left in the financial system Im not exactly sure at this point…we are still in a clearly defined downtrend.